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Who is most often targeted for financial scams?

On Behalf of | Dec 13, 2022 | Financial Abuse |

There are many different types of financial scams out there. A Nigerian Prince emailing you about wanting to transfer money through your bank account is perhaps a cliché example, but it really just underscores how the Internet in particular has been used to perpetuate these scams. Today, you’ll find a lot of them in text messages, emails and on social media. There are also plenty of financial scams that take place in person. Money will always be a major driver for this type of behavior.

But who is targeted most often by these scams? Reports consistently find out that scammers tend to target older individuals. They want to seek out the elderly to run these schemes, and there are a few very specific reasons why.

Financial assets

To begin with, younger people typically have fewer financial assets. Older individuals, especially elderly individuals who are already living in an assisted living center or nursing home, are those who have had their whole lives to accumulate assets. Scammers see them as a wealthy target and will choose them on those grounds.

Technology can be confusing

Another thing to consider, especially as these scams evolve, is that technology itself can be quite confusing to those who did not grow up with it. A college student may get a scam text message and know instantly that they shouldn’t respond to it, simply deleting it and going on with their day. But someone who has never experienced this before may think that it is a legitimate request.

A position of power

In nursing homes specifically, the elderly are targeted simply, because younger workers are in a position of power over them. They can sometimes use this to manipulate them, such as threatening to withhold care. If you think that your elderly loved one has been financially abused or scammed in some way, be sure you know what legal steps you can take.

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